4 Tips For Developing Complex Market Studies

We live in an environment that is subject to endless variables that can change at the least expected moment. The SarsCov2 pandemic and the war conflicts of recent years are some examples of this reality. Although it is not possible to completely eliminate the lack of certainty in a system, it is possible to know the aspects that most influence its evolution. In this way, the decisions made in a specific place and time will be appropriate and will expose us to a lesser extent to risks that we cannot assume.

For these reasons, brands invest in knowing the markets and consumers. The complexity of a Market Research protocol is directly proportional to the size of the uncertainty that needs to be reduced. Sometimes it is enough to carry out simple studies such as quantitative investigations or product tests. However, in other cases it will be worth considering medium and long-term scenarios that involve several stages. Therefore, we list four recommendations for carrying out this type of investigation.

Establish a calendar. When we think about complex investigations, we must consider the participation of work teams from multiple areas and specialties that often have few points of contact beyond responding to the same major objective. Sometimes, participants in data collection, information analysis, and decision makers will maintain little direct interaction. For this reason, it is advisable for study administrators to consider a well-structured schedule of activities.

Plan in stages. There are tasks that can be executed simultaneously and others that depend on the results or findings of previous processes. The determination of one type or another of task structuring must have a viable and orderly meaning. In general, it is recommended to start with the steps that have exploratory purposes and description of a phenomenon and from there continue with stages of deepening and explaining a situation.

Evaluate the processes. When developing a long process that involves a significant number of collaborators, it is necessary to have a series of parameters that attest to the progress and fulfillment of the initial planning. This continuous monitoring function must allow us to objectively measure whether what is intended is being satisfied in a positive sense. Otherwise, errors and omissions may accumulate that in the end will be insurmountable and may jeopardize the correct completion of the research protocol.

Adapt processes. The planning of a study must be at the same time a solid and flexible reference of steps. As stated at the beginning of this blog entry, unforeseen events beyond the control of the researchers may occur that force changes to the plans and make it possible to continue with the rest of the stages. For example, if a disaster occurs in a place that could not be foreseen, it is necessary to make decisions that offer realistic alternatives that may involve changing the survey method, postponing the execution of a task or replacing the site with a similar one.

In general, executing complex market studies involves longer times and budgets than those required for similar basic or shorter studies. Coordinating the activities of work teams with different specialties and locations is always possible with careful coordination and attentive monitoring. When done assertively, the results are quite valuable and provide an excellent starting point for business growth.

At Acertiva we understand these scenarios. When we are invited to participate in this type of projects, we put at the disposal of our clients the analysts and strategic allies who for more than 20 years have allowed us to know the markets of the main Latin American countries. If you are looking to apply a study in the region you can send us a message. We will respond to you with how together we will write your next success story.

Fotografía de una pluma sobre una agenda. Imagen de Uwe Kern en Pixabay. (Español) / Fotografia de uma caneta em uma agenda. Imagem de Uwe Kern no Pixabay. (Português) / Photograph of a pen on an agenda. Image by Uwe Kern on Pixabay. (English)